Question

Roth IRA Excess Contribution Reporting

Forum|Forum|4 years ago
April 12, 2022
1 reply
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I over contributed to my Roth IRA for 2021. This past week I removed the $6,000 excess contribution for 2021 before i file my taxes. My broker removed $5,343 based on their NIA calculation. Do i still show the $6,000 being removed in the Roth IRA contribution section in turbotax premier CD version? Also, i'm assuming my broker calculated a loss on the $6,000 that was invested which is why they only removed $5,343. How do i report the $657 loss? Is that reported the 2021 tax year or for the 2022 tax year since the withdrawal just occured this past week?

Thanks,

Chris

M

MinhT1

You had a loss of your excess contribution. You will show a return of excess contribution of $6,000.

Your loss is only deductible in 2021 if all Roth IRA accounts have been closed and it is deductible as an itemized deduction subject to the threshold of 2% of your AGI.

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